How are the funds from the business allocated to claims?
We often get asked, "How are the funds that the business sends to Olympia allocated to each claim that needs to be be processed"?
Great question!
The first part of this is that claims are paid on a first submitted, first paid basis. This means that if 5 claims are submitted over a few days that all need funding from the business, they will be paid in order of which ones were submitted first.
Funds that the business either sends to Olympia as a direct deposit or that we pull from the PAC on the first business day of the month, are deposited into your groups Claim Funding Account. Once we have the funds, we will put them towards the claims that are pending.
We will pay out claims in order they were received and in the event we require more funding for the additional claims, we will send the business a Request for Funding Invoice advising how much more is required.
As the Benefit Coordinator, you can view the current balance of the Claim Funding Account by logging into your MyOlympia Account. At the top left corner of your account you will see the Group Balance; this is how much is available to pay out claims.